期望理论及其对股本溢价的一个行为金融学解释  

Prospect theory and its Explanation for Equity Premium From a Behavioral Finance Perspective

作　　者：阮青松[1] 余颖[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052

出　　处：《财经论丛（浙江财经学院学报）》2005年第2期76-81,共6页

摘　　要：期望理论修正了传统经济学关于经济人是完全理性和自利的基本假设,将心理学的研究成果融合到经济学科中,更好地解释了人们在不确定条件下的决策行为,从而构成了行为金融学的重要基石。该理论目前在国外已经被广泛应用,对于许多传统金融理论不能解释的金融市场异象,都能给出较合理的解释。本文在简要介绍期望理论的基础上,着重阐述其在解释金融市场的一个重要异象———"股本溢价"方面取得的进展。最后,指出了基于期望理论的行为金融学对于金融理论发展的深远意义。Integrating psychological research achievements with economics, prospect theory modified the undamental hypothesis of rational and selfish agent in traditional economics. It gives a better explanation for decision behaviors under uncertainty and provides the basis for behavioral finance. Being widely applied overseas, it also explains many financial market anomalies better than the traditional ones did. So first, this paper gives a brief introduction to prospect theory,and then illuminates its progress in interpreting'epuity premium', which is one of the most important financial market anomalies. Then, the implication of behavioral finance for finance theory development is discussed.

关 键 词：期望理论 不确定 行为金融学 异象 股本溢价 

分 类 号：F830[经济管理—金融学]